Weekly view. Very interesting spot imo. Rejecting the weekly supply zone but sitting back on $4,155. Is this going to be a successful retest of that level after breaking out or was it a false breakout and we're about to head much lower? Feels like we're going to get a big move by the end of June. I'm bullish above $4,220 & bearish below $4,120 for the time being.
Interesting spot for GME. Closing in on the $24 level that held as support in Q3/Q4 2022 then flipped to resistance. Also running into 61.8 retracement from the recent earnings gap up/sell off. Finally, the blue trend line dates back almost 2 years. No position for me currently. Earnings in 1.5 weeks.
Idk how significant a hidden bearish divergence is, but it's there on the weekly. Whole thing feels heavy. Feels like it'll end up being a false breakout of the blue trendline. I'm short via TZA. Stop is weekly close above 9 ema as it has been a brick wall the past few weeks. Watch out below $170.
Reports earnings in the morning. Trying June puts (this week's seemed expensive). This thing has gone absolutely no where (-25% day on 5/18/23 closed at $161). Thought the breakdown was going to come last December, but this thing got squeezed along with the rest of the market. If this does report lower after earnings & the trend continues down, looking for $120 then $100.
Grabbed some lotto puts at the close today for CPI tomorrow. Price has been unable to break above August highs even after AAPL & MSFT (50% of the index) reported earnings & the next 2 biggest components, AVGO & NVDA, had massive run ups the past few months. Nice hanging man candle last week as well. $2 risk here (stop above $152) for much higher reward imo.